Ping An Securities released the 2025 Annual Strategy Report for the Nonferrous and New Materials Industry, stating that in 2024, non-ferrous metals have entered a stage of high volatility, and the main pricing lines and core variables have all changed to varying degrees. 2025 is still a year where core contradictions of various types continue to unfold. The monetary attributes of precious metals represented by gold are expected to continue to rise throughout the year. It is recommended to focus on Shandong gold and medium gold; the long-term resource bottleneck of industrial metal copper supports long-term resource bottlenecks, and demand elasticity is expected to gradually be released under domestic and foreign policy. It is recommended to focus on Zijin Mining and Luoyang Molybdenum; the supply and demand pattern for electrolytic aluminum continues to improve. It is recommended to focus on Tianshan Aluminum and China Aluminum. Ye, Shenhuo Co., Ltd., Yunlu Co., Ltd.; tin Resources are scarce or have accelerated transmission, and the gap between supply and demand has widened further. It is recommended to focus on tin shares; the bottom of the energy metals industry confirms that companies with lower valuation levels may enjoy greater flexibility due to marginal improvements in fundamentals. It is recommended to focus on enterprises with significant integration advantages. It is recommended to focus on China Mining Resources, Tianqi Lithium, and Huayou Cobalt.